PNSC topline plummets 71.4% to Rs1bn in third quarter

October 22, 2024 (MLN): Pakistan National Shipping Corporation Limited (PSX: PNSC) recorded a decrease of 1.7% YoY in its profitability, clocking in its profit after tax at Rs1.43 billion [EPS: Rs10.81] for the third quarter.

This compares to the bottom line of Rs1.45bn [EPS: Rs10.99] recorded in the same period last year (SPLY).

Going by the results, the company's top line plummeted by 71.4% to Rs1.02bn as compared to Rs3.56bn in SPLY.

The cost of sales fell by 62.3%, but since the drop in sales was greater, gross profit declined by 90.8% to Rs104.66m in Q3 CY24.

The gross margins worsened to 10.3% as compared to 32.1% in SPLY.

PNSC's significant decline in sales was partially offset by a 36.9% increase in other income, which rose to Rs 2.37 billion in Q3 CY24, compared to Rs1.73bn in the SPLY.

Furthermore, the company's administrative expenses fell 49.8% YoY to Rs52.65m.

On the other hand, other operating expenses rose 37.8% YoY to Rs161.12m.

The company’s finance cost shrunk 65.5% and stood at Rs137.26m as compared to Rs397.6m in SPLY.

On the tax front, the company paid a lower tax worth Rs698.36m against the Rs759.77m paid in the corresponding period of last year, depicting a fall of 8.1%.

Amount in thousand except for EPS

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